DApp: A new approach to business through blockchain Special

With blockchain solidifying itself as an important technological tool for the disruption of many industries, blockchain decentralized applications (DAaps) are starting to change business fundamentals. Jonathan Baha'i of eXeBlock explains more.

eXeBlock Technology Corp. is a local company based in Debert, Nova Scotia. The company is developing disruptive applications enabling businesses and individuals to approach familiar tasks in an innovative and cost-effective way. eXeBlock recently announced 50/50Labs, a decentralized application (DApp) designed to disrupt the expanding charity and fundraising space.

The DApp provides a platform for charities and small organizations to fundraise efficiently and cost-effectively by moving the popular 50/50 draw onto the blockchain, offering full transparency, low administrative costs and unlimited scalability. eXeBlock is a company that allows non-technical investors to participate in this exciting business format without knowing how to write one line of code. With each new DApp, eXeBlock shareholders get exposure to the potential success of multiple DApps.

Digital Journal spoke with Jonathan Baha'i, the founder of eXeBlock to get his views on the future of blockchain technology and the role his company eXeBlock will play in transforming the the way business is conducted. With this, Baha’i believes there are “numerous reasons why organizations may decide to hire a blockchain development company. Three of the most prominent reasons are: increased transparency with validated ledgers trusted by operators and users; to eliminate intermediaries lowering operating costs; and, to establish systems that work on a global basis.”

Digital Journal: How popular is blockchain technology set to become with businesses?

Jonathan Baha'i: Blockchain technology is more popular than ever, and new businesses and industries are seeing the potential of this new technological trend every day. Blockchain technology has the potential to revolutionize various industries and means of data storage. Through its easy-to-verify and highly transparent information storage system, blockchain technology is creating a level of trust between consumers and businesses that hasn’t existed in the past.

DJ: How does blockchain work in practice?

Baha'i: Blockchain technology is often praised for its ability to eliminate intermediaries that facilitate a service in exchange for a fee. When you purchase something online, the intermediary is the third party that lets the exchange happen. With blockchain technology, businesses are increasingly abandoning middlemen in favor of a relationship that allows goods and services to be exchanged directly with their customers or peer to peer.

This is possible thanks to the decentralized nature of blockchain. Decentralized application (DApp) developers are greatly helping this movement with the push to create services that are more secure, affordable, and reliable thanks to the fact that they don’t require middlemen.

DJ: How easy is it for businesses to set up the technology?

Baha'i: The fact of the matter is that this technology can be quite complicated to get started with for organizations that are thinking about adopting blockchain-based solutions. For this reason, third party organizations like eXeBlock exist that can aid with the development of decentralized applications. eXeBlock is focused on developing its own proprietary DApps and partnering on the development of other DApps with governments, individuals and corporations worldwide so long as they incorporate certain features, namely; they generate revenues based on pay per use transaction fees, they are scalable with global reach and they offer the advantage of being first to market.

eXeBlock Technology Corp., a local company based in Debert, Nova Scotia, is leading the way in developing disruptive applications.

eXeBlock Technology Corp

DJ: Will blockchain be very disruptive for businesses?

Baha'i: Blockchain structures will replace traditional ways of conducting business by being more efficient and cost effective. The traditional business structure is simple and easy to understand by business owners and consumers. Typically, business owners determine the product, the price and the delivery method it needs to attract customers and achieve a reasonable profit margin.

DApps built around blockchain technology clearly align the interests between owners and consumers, enabling consumers to participate in profit margins and other aspects impacting the viability of a business as if they were owners in the business. The big difference is that unlike traditional businesses, with DApps there are no owners. This fundamental shift is brought about in DApps through the incorporation of tokens.

DJ: Can you give some examples?

Baha'i: As an example, suppose an entrepreneur decides to build a system to track the sale and authenticity of original pieces of art using blockchain technology. The entrepreneur can either build the DApp on his own or float the idea in a white paper and ask consumers to purchase tokens as a method of raising enough money to cover development and marketing costs. The latter approach aligns the consumer or token holder with the success of the DApp.